Standard Chartered denies link with South Africa

Standard Chartered Bank has refuted claims that it is owned by a South African company but rather a British group with headquarters in London, United Kingdom.

Recall that Oshiomole, the National Chairman of Nigeria’s ruling party, All Progressive Congress (APC) had called for the Nationalisation of South African Companies in Nigeria.

Oshiomhole who made the remark at a party event in the wake of xenophobic attack on Nigerians and other Africans in South Africa, listed Standard Chartered Bank as one of the South African companies operating in Nigeria.

He called for the boycott of MTN Nigeria, Shoprite, and other South African companies, urging the government to nationalise them including Stanbic IBTC and Standard Chartered Bank which he referred as a South African company.

According to Standard Chartered, Oshiomhole’s statement is a misrepresentation of their identity. Standard Chartered has been in operation for over 150 years, and has its shares listed in London, Hong Kong and Mumbai (India), but earns more than 90 per cent of its income and profits in Asia, Africa and the Middle East.

In the statement, Standard Chartered said, “Standard Chartered Bank Nigeria Limited is fully owned by Standard Chartered Plc, a British group. Standard Chartered PLC is a leading international bank, listed on the London, Hong Kong and Mumbai stock exchanges. It has operated for over 150 years in some of the world’s most dynamic markets and earns more than 90 per cent of its income and profits in Asia, Africa and the Middle East.”

Standard Chartered Bank was formed by the merger of two banks; the Standard Bank which was founded in Cape province of South Africa in 1862 and the Chartered Bank of India, Australia and China, which was founded by a Scottish, James Wilson, in 1853.

The merger formed Standard Chartered Bank. The company now has about 87,000 staff across the world, representing 130 nationalities. It has no branches in UK, but its headquarters are in London.